Investments (Tables)

9 Months Ended

Sep. 29, 2012

Equity Method Investments and Joint Ventures [Abstract]

Summarized financial information of MillerCoors

Summarized financial information for MillerCoors is as follows:

Condensed Balance Sheets

	As of
	September 30, 2012		December 31, 2011
	(In millions)
Current assets	$	1,023.6	$	810.9
Non-current assets	8,812.4		8,861.7
Total assets	$	9,836.0	$	9,672.6
Current liabilities	$	900.5	$	922.7
Non-current liabilities	1,338.8		1,471.3
Total liabilities	2,239.3		2,394.0
Noncontrolling interests	31.8		36.7
Owners' equity	7,564.9		7,241.9
Total liabilities and equity	$	9,836.0	$	9,672.6

Results of Operations

	Three Months Ended						Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
	(In millions)
Net sales	$	1,993.5		$	1,964.9		$	5,977.3		$	5,796.3
Cost of goods sold	(1,201.1		)	(1,213.3		)	(3,582.9		)	(3,545.1		)
Gross profit	$	792.4		$	751.6		$	2,394.4		$	2,251.2
Operating income(1)	$	310.5		$	179.2		$	1,033.9		$	824.3
Net income attributable to MillerCoors(1)	$	306.9		$	176.4		$	1,020.5		$	809.8

(1) Results for the three months and nine months ended September 30, 2012, include special charges of $18.7 million and $16.4 million, respectively, primarily due to the write-down of assets related to discontinuing the production of the Home Draft package in the U.S. Results for the three months and nine months ended September 30, 2011, include special charges of $60.0 million for a write-down in the value of the Sparks brand and a $50.9 million charge resulting from the planned assumption of the Milwaukee Brewery Worker's Pension Plan, an under-funded multi-employer pension plan.

MCBC's proportional share in MillerCoors of net income reported under the equity method

The following represents MCBC's proportional share in net income attributable to MillerCoors reported under the equity method:

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	September 29, 2012			September 24, 2011			September 29, 2012			September 24, 2011
	(In millions, except percentages)
Net income attributable to MillerCoors	$	306.9		$	176.4		$	1,020.5		$	809.8
MCBC economic interest	42		%	42		%	42		%	42		%
MCBC proportionate share of MillerCoors net income	128.9			74.1			428.6			340.1
Amortization of the difference between MCBC contributed cost basis and proportional share of the underlying equity in net assets of MillerCoors(1)	1.2			27.7			3.1			32.6
Share-based compensation adjustment(2)	1.9			(2.4		)	4.8			(0.3		)
Equity income in MillerCoors	$	132.0		$	99.4		$	436.5		$	372.4

(1) Our net investment in MillerCoors is based on the carrying values of the net assets contributed to the joint venture which is less than our proportional share of underlying equity (42%) of MillerCoors (contributed by both Coors Brewing Company ("CBC") and Miller Brewing Company ("Miller")) by approximately $585 million as of September 29, 2012. This difference, with the exception of goodwill and land, is amortized as additional equity income over the remaining useful lives of the contributed long-lived amortizing assets. The current basis difference combined with the $35.0 million recorded in 2008 and 2009 related to differences resulting from accounting policy elections must be considered to reconcile MillerCoors equity to our investment in MillerCoors.

(2) The net adjustment is to record all share-based compensation associated with pre-existing equity awards to be settled in Class B common stock held by former employees now employed by MillerCoors and to eliminate all share-based compensation impacts related to pre-existing SABMiller plc equity awards held by former Miller employees now employed by MillerCoors. As of the end of the second quarter of 2011, the share-based awards granted to former CBC employees now employed by MillerCoors became fully vested. As such, no further adjustments will be recorded related to these awards. We are still recording adjustments to eliminate the impacts related to the pre-existing SABMiller plc equity awards, which represent the amounts recorded in 2012.

Summary of transactions with MillerCoors

The following table summarizes our transactions with MillerCoors:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 29, 2012		September 24, 2011		September 29, 2012		September 24, 2011
	(In millions)
Beer sales to MillerCoors	$	4.6	$	6.2	$	14.8	$	23.7
Beer purchases from MillerCoors	$	3.9	$	2.0	$	9.3	$	6.7
Service agreement costs and other charges to MillerCoors	$	1.0	$	1.7	$	3.0	$	5.1
Service agreement costs and other charges from MillerCoors	$	0.4	$	0.3	$	1.0	$	0.9

Schedules of Consolidated Investments

The following summarizes the assets of our consolidated VIEs, including noncontrolling interests. None of our consolidated VIEs held debt as of September 29, 2012, or December 31, 2011.

	As of
	September 29, 2012		December 31, 2011
	Total assets
	(In millions)
Grolsch	$	13.4	$	20.4
Cobra U.K.	$	30.1	$	31.6

The following summarizes the results of operations of our consolidated VIEs (including noncontrolling interests).

	Thirteen Weeks Ended								Thirty-Nine Weeks Ended
	September 29, 2012				September 24, 2011				September 29, 2012				September 24, 2011
	Revenues		Pre-tax income		Revenues		Pre-tax income		Revenues		Pre-tax income		Revenues		Pre-tax income
	(In millions)
Grolsch(1)	$	6.5	$	0.9	$	6.8	$	1.0	$	18.1	$	2.6	$	19.7	$	2.8
Cobra U.K.	$	11.7	$	1.5	$	10.1	$	1.7	$	30.7	$	3.6	$	28.7	$	4.8

(1) Substantially all such sales for Grolsch are made to us and as such, are eliminated upon consolidation.